Warren Buffett: Hike Tax On $500K Earners

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warren-buffetWarren Buffett is proposing a higher threshold for an increased tax on the wealthy than President Barack Obama – the “Oracle of Omaha” says he prefers boosting taxes only on those making more than $500,000 a year, according to a New York Times op-ed published Monday.

Obama has proposed a $250,000 limit.

“I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 – maybe $500,000 or so,” Buffett, who has endorsed Obama, wrote in The Times.

He also suggested a minimum 30 percent tax on income between $1 million and $10 million, and a 35 percent tax on amount above that.

“A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours,” Buffett wrote.


{Matzav.com Newscenter}


  1. I can’t stand Mr. Buffett! He’s really getting on my nerves! He’s beginning to sound like a twin Brother of his highness, Lord Mike Bl$$mberg!

  2. Ah, but Mr. Buffett is rich, very, very rich. And he got that way doing normal business. If he’s that smart, and that capable, maybe we ought to listen to him. He obviously knows something about money and how to manage it.

  3. The oracle of obama comments would be credible if it were not for one simple fact: they do not apply to him and his “income”. He knows damn well that his income flows from cap gains and dividends which are both not subject to any such increase and subject to deductions that he and his high priced accountants can employ to reduce his personal burden. I would be curious to see what this “enlightened one” would think about a wealth tax that would hit him personally …my guess is he’d be less excited about endorsing this. He would never invest his own money in an enterprise that runs with the same inefficiency and has the same consistent annual losses as the federal government… He needs to shut up.


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